Royal London Asset Management Ltd. Trims Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Royal London Asset Management Ltd. decreased its holdings in TE Connectivity Ltd. (NYSE:TEL) by 26.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 756,544 shares of the electronics maker’s stock after selling 272,866 shares during the period. Royal London Asset Management Ltd.’s holdings in TE Connectivity were worth $108,163,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pinnacle Bancorp Inc. acquired a new stake in shares of TE Connectivity during the 4th quarter worth $26,000. SRS Capital Advisors Inc. increased its position in TE Connectivity by 117.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 107 shares in the last quarter. Fairway Wealth LLC acquired a new position in TE Connectivity during the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC purchased a new stake in TE Connectivity during the fourth quarter worth approximately $44,000. Finally, Hilltop National Bank acquired a new stake in shares of TE Connectivity in the fourth quarter worth $55,000. Institutional investors and hedge funds own 91.43% of the company’s stock.

TE Connectivity Price Performance

Shares of TEL stock opened at $147.80 on Thursday. The firm has a fifty day moving average of $148.75 and a two-hundred day moving average of $148.40. The firm has a market cap of $44.10 billion, a P/E ratio of 23.61, a P/E/G ratio of 2.11 and a beta of 1.32. TE Connectivity Ltd. has a 1-year low of $137.61 and a 1-year high of $159.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period last year, the firm earned $1.84 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, research analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, May 21st. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s payout ratio is currently 45.37%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Truist Financial decreased their price target on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. Bank of America increased their target price on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Citigroup boosted their price target on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company increased their price objective on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Finally, HSBC raised shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price on the stock in a research report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $167.00.

Insiders Place Their Bets

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $151.13, for a total transaction of $587,744.57. Following the completion of the sale, the insider now owns 25,976 shares of the company’s stock, valued at $3,925,752.88. This represents a 13.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.90% of the stock is owned by corporate insiders.

TE Connectivity Company Profile

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.